Illinois Senate Committee Approves Bill to Regulate Crypto Businesses and Combat Fraud

The Illinois Senate Executive Committee passed Senate Bill 1797, the Digital Assets and Consumer Protection Act, on Thursday. Introduced by State Senator Mark Walker in February, the bill aims to regulate cryptocurrency businesses and combat fraud, following reported losses of $163 million to cryptocurrency scams in Illinois during 2023. The bill empowers the Illinois Department of Financial and Professional Regulation (IDFPR) to oversee crypto companies by requiring registration, disclosures, and proof of payout capabilities. The bill allows businesses until January 2027 to fully comply with all provisions. The bill will now go to the full Senate for a vote.